It’s a good solution in today’s ever-changing world, writes Peter Watson
OPINION | May 06, 2018 by Peter Watson | Oakville Beaver
In a time of cutbacks and priority shifting, the RCMP is getting creative with solving capital market crimes, including stock market abuse.
By its own admission, the RCMP acknowledged that in the past years resources have been taken away from these white-collar financial crimes to focus on other areas such as terrorism and drug-related offences.
For Canadian capital markets to work efficiently there must be widespread trust in the system. Offenders who commit stock market fraud erode that trust.
Each one of us makes our own investment decisions in order to enjoy a desired lifestyle, now and into the future. We rightly expect that white-collar criminals will be apprehended and punished.
White-collar financial criminals are early adaptors of technology and they are smart. That gives them an edge.
The skills needed to combat stock market abuse include an understanding of capital markets, data expertise and forensic accounting. In our fast-passed changing world these skills need to be updated on a continual basis.
It has been suggested that one out of nine capital market criminals have committed these crimes before. Many have carried out their crimes in one regulatory jurisdiction and then moved to another to commit additional crimes.
An intelligent strategy to fight white-collar crime is needed.
To keep current and successfully combat financial crimes, the RCMP will partner with outside experts who can augment their policing expertise.
There is a philosophic difference many Canadians hold on the role of government and government organizations.
Some want the government to be involved in all aspects of our lives while others are adamantly opposed to that and call for less government interference.
What is needed is the best solution to fight white-collar financial crime.
The RCMP’s decision to outsource additional, specific, expertise is a good solution and appropriate in today’s ever-changing world.